Total Rewards Philosophy and Strategy
What you’ll get
A blueprint with guiding principles relating to:
- The prominence of extrinsic rewards (cash compensation, and other financial rewards) in relation to intrinsic rewards (challenging work, development opportunities, and affiliation with the organization’s purpose and people)
- Your desired competitive positioning within your identified talent market
- The balance of consistency vs. flexibility in the design and administration of your pay programs
- The degree to which, and how, you will link pay to performance
- With a guiding blueprint you will be able to (re-)design cohesive compensation programs that will help you attract, retain and motivate the talent your organization needs now and into the future.
- Guiding principles allow to assess how well your current programs are serving you and determine if changes are needed. They also allow you to be more transparent with employees and increase trust as you can communicate the rationale behind your pay programs (even if you are not where you want to be).